Amana Bank achieves 89 % growth in 9 month PBT

CEO Mohamed Azmeer

Amana Bank continued its impressive profitability trend as it recorded a significant 89 percent YoY growth in Profit Before Tax (PBT) for the nine months ending 30 September 2021 to close at RS. 736.3 million in comparison to Rs. 389.4 million recorded for the corresponding period of 2020.

In a media release, the bank said during Q3, a period in which Sri Lanka was worst hit by the pandemic, Amana Bank’s PBT grew YoY by 66 percent to close at Rs. 230.6 million compared to Rs. 138.9 million achieved a year ago.

The bank reported a Profit After Tax (PAT) of Rs. 143.9 million during Q3 to reflect a YoY growth of 80 percent, resulting in a cumulative PBT of Rs. 433.2 million for the nine months ending 30 September 2021, reflecting a 73 percent YoY growth.

In terms of its customer portfolios, the bank recorded double digit growth in both advances and deposits, where Customer Advances grew by 17 percent to reach Rs. 73.2 billion while Customer Deposits grew by 10 percent to close at Rs. 91.8 billion, showcasing a healthy growth momentum during the three quarters, despite the on-going challenges of the COVID-19 pandemic, it said.

The growth in customer deposits was achieved whilst maintaining a healthy CASA ratio of 46.2 percent. The bank’s NPA continued to remain below the industry average where Gross NPA and Net NPA stood at 3.7 percent and 1.0 percent respectively, owing to prudent portfolio management and timely customer engagement. Total assets of the bank improved to Rs. 113. 7 billion, reflecting a nine month growth of 14 percent, while the same period saw the bank’s Net Asset Per Share improving from Rs. 4.79 to Rs. 4.96.

Commenting on its financial performance, the bank’s CEO Mohamed Azmeer said: “Despite the strong headwinds owing to the third wave of the pandemic which marred a recovering economy, Amana Bank was able to once again demonstrate strong resilience to record an impressive quarter. Such resilient performance would not have been possible if not for the guidance given by our Board of Directors, the commitment of our passionate employees and the trust and confidence extended by our valued customers, to all of whom I am thankful.”